The Jawaharlal Nehru Port Trust (JNPT) has signed an agreement with the State Bank of India (SBI) and the Development Bank of Singapore (DBS) for raising external commercial borrowing (ECB) worth $400 million. Of the total amount, ECB worth $300 million will be raised by SBI while the remaining $100 million will be raised by DBS. The agreement was signed after receiving RBI approval. The loan is being provided at an interest rate of 2.025 per cent plus 6 month Libor which is approximately totals 3.15 per cent. The funds will be utilised by JNPT primarily for a port highway connectivity project. The project will be developed by Mumbai JNPT Port Road Company Limited (MJPRCL) at an estimated cost of Rs 28.95 billion. Borrowing by JNPT is for a tenure of 7.5 years,while lending by JNPT to MJPRCL is for 16 years (two years for construction and 14 years for repayment).